ABN Amro Tests Blockchain for Real Estate Transactions
ABN Amro has begun a new blockchain pilot focused on real estate transactions.
ABN Amro has begun a new blockchain pilot focused on real estate transactions.
The Dutch bank said yesterday that it is working with IBM to develop a system in which buyers, sellers, brokers and regulators (among other parties) can share and record real estate transactions.
According to ABN Amro, the proposed system would support connectivity with regulators such as the country's central bank and the Land Registry Office. In its announcement, ABN Amro suggested that the pilot could ultimately lead to new kinds of client-facing services.
The bank said in a statement:
“This latest pilot is part of the bank’s strategy to offer innovative solutions for commercial real estate financing.”
The project is the latest for the Amsterdam-based bank. In October, ABN Amro announced that it was working with Delft University of Technology to develop a range of prototypes. At the time, the two sides said that the pilots they develop would ultimately be open-sourced.
ABN Amro is also part of a recently announced project involving the Port of Rotterdam, Europe's largest port, to develop logistics tools using blockchain.
Image via Shutterstock
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